|
|
REGISTRATION NO.
|
:
|
9744-V
|
|
COMPANY NAME
|
:
|
SIEGWERK MALAYSIA SDN. BHD.
|
|
FORMER NAME
|
:
|
SICPA
(MALAYSIA) SDN BHD (23/11/2005)
SICPA COLLIE (MALAYSIA) SDN BHD (29/05/1993)
COLLIE (MALAYSIA) SDN BHD (21/10/1989)
K.D. JAMES CHEN (MALAYSIA) SDN BHD (15/12/1976)
|
|
INCORPORATION DATE
|
:
|
04/07/1970
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
6, JALAN FIRMA 1/5, KAWASAN PERINDUSTRIAN TEBRAU, 81100 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
NO 6, JALAN FIRMA 1/5, KAWASAN PERINDUSTRIAN TEBRAU, 81100 JOHOR
BAHRU, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-3547600
|
|
FAX.NO.
|
:
|
07-3525294
|
|
WEB SITE
|
:
|
WWW.SIEGWERK-GROUP.COM
|
|
CONTACT PERSON
|
:
|
JAN-DIRK HENRICH ( GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
20222
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING OF PRINTING INKS, MARKETING OF GRAPHIC ART SUPPLIES
& ACCESSORIES
|
|
AUTHORISED CAPITAL
|
:
|
MYR
33,523,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 28,523,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
29,282,900.00 DIVIDED INTO
ORDINARY SHARES 4,400,000 CASH AND 600,000 OTHERWISE OF MYR 1.00 EACH.
PREFERENCE SHARES 24,274,100 CASH AND 8,800 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 107,152,007 [2012]
|
|
NET WORTH
|
:
|
MYR 32,788,530 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
146 [2013]
|
|
BANKER (S)
|
:
|
|
MALAYAN
BANKING BHD
UNITED MALAYAN BANKING CORPORATION BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must have
at least two directors. A private limited company is a separate legal entity
from its shareholders. As a separate legal entity, the Subject is capable of
owning assets, entering into contracts, sue or be sued by other companies.
The liabilities of the shareholders are to the extent of the equity they have
taken up and the creditors cannot claim on shareholders' personal assets even
if the Subject is insolvent. The Subject is governed by the Companies Act,
1965 and the company must file its annual returns, together with its
financial statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) manufacturing of printing inks,
marketing of graphic art supplies & accessories.
The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
holding company of the Subject is SIEGWERK SINGAPORE PTE LTD, a company
incorporated in SINGAPORE.
The ultimate
holding company of the Subject is SIEGWERK DRUCKFARBEN AG, a company
incorporated in GERMANY.
Share Capital
History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
28/06/2013
|
MYR 33,523,000.00
|
MYR 29,282,900.00
|
The major shareholder(s) of the Subject are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
SIEGWERK SINGAPORE PTE LTD
|
71, TOH GUAN ROAD EAST, #04-02, TCH TECH CENTRE, 608598, SINGAPORE.
|
196700221W
|
29,282,900.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
29,282,900.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. SELVI A/P MURUGIAH
|
|
Address
|
:
|
155, JALAN DESA MESRA, TAMAN DESA, 58100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A0696361
|
|
New IC No
|
:
|
661017-07-5526
|
|
Date of Birth
|
:
|
17/10/1966
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
30/08/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. PRAKASH KUMAR A/L VELUMAYIL
|
|
Address
|
:
|
19, JALAN LEMBAH 4, BANDAR SERI ALAM, 81750 MASAI, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A1552370
|
|
New IC No
|
:
|
691220-01-5235
|
|
Date of Birth
|
:
|
20/12/1969
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/08/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
RALF WOLFGANG HILDENBRAND
|
|
Address
|
:
|
AM MUHLENBERG 9, D-53721 SIEGBURG, GERMANY.
|
|
IC / PP No
|
:
|
5369285840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
15/06/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. JAN-DIRK HENRICH
|
|
Address
|
:
|
63, HOLLAND ROAD, #03-08, VERDURE @ HOLLAND PARK, 258887, SINGAPORE.
|
|
IC / PP No
|
:
|
C748KYZH2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
DUTCH
|
|
Date of Appointment
|
:
|
01/11/2012
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
JAN-DIRK HENRICH
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
LEE PENG YONG
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
ZURINA
|
|
|
Position
|
:
|
ACCOUNTANT
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
FARIDAH AWAB
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA
HEIGHTS, LEVEL 23A, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
MS. ALWIZAH AL-YAFII BINTI AHMAD KAMAL
|
|
|
|
|
|
|
|
New IC No
|
:
|
740228-07-5492
|
|
|
Address
|
:
|
12,JALAN PANTAI 9/7, 46000 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
UNITED MALAYAN BANKING CORPORATION BHD
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
19/08/1977
|
N/A
|
HONGKONG BANK MALAYSIA BERHAD
|
MYR 1.00
|
Satisfied
|
|
2
|
22/08/1978
|
N/A
|
HONGKONG BANK MALAYSIA BERHAD
|
MYR 1.00
|
Satisfied
|
|
3
|
25/10/1990
|
N/A
|
UTAMA WARDLEY BERHAD
|
MYR 3,000,000.00
|
Satisfied
|
|
4
|
18/12/1991
|
N/A
|
UNITED MALAYAN BANKING CORPORATION BHD
|
MYR 7,000,000.00
|
Satisfied
|
|
5
|
03/03/1992
|
N/A
|
UTAMA WARDLEY BHD
|
MYR 3,000,000.00
|
Satisfied
|
|
6
|
01/08/1992
|
N/A
|
UNITED MALAYAN BANKING CORPORATION BERHAD
|
MYR 7,000,000.00
|
Satisfied
|
|
7
|
25/10/1993
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 23,200,000.00
|
Unsatisfied
|
|
8
|
05/09/1995
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 4,000,000.00
|
Satisfied
|
LEGAL CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SUBJECT
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection since 1990.
Information was provided by third party where the debt amount can be
disputed. Please check with creditors for confirmation as alleged debts may
have been paid since recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
90%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
10%
|
|
Import Countries
|
:
|
ASIA,UNITED STATES,EUROPE
|
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
SINGAPORE
THAILAND
PHILIPPINES
AUSTRALIA
HONG KONG
INDIA
INDONESIA
PAKISTAN
CHINA
SOUTH KOREA
TAIWAN
VIETNAM
CAMBODIA
MYANMAR
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Brand Name
|
:
|
SICPA , SIEGWERK
|
|
|
|
|
|
Award
|
:
|
1 ) MS ISO 9001 : 2000 Year :2001
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
MALAYSIAN PLASTICS MANUFACTURERS ASSOCIATION (MPMA)
SMI ASSOCIATION OF MALAYSIA
SMALL & MEDIUM ENTERPRISE
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
146
|
160
|
150
|
148
|
154
|
|
|
|
|
|
Branch
|
:
|
YES
|
|
No of Branches
|
:
|
3
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
printing inks, marketing of graphic art supplies & accessories.
The Subject specializes in :
* Printing ink additives and printing aids
* Printing lacquers
* Packaging inks for offset, flexographic and rotogravure printing. (Tobacco
Packaging, Flexible Packaging, Corrugated Carton, Label Packaging, Sheed Fed
& UV, Paper & Board & Decorative)
We were informed that the warehouse is located at the same premises to keep
its products and materials.
The Subject utilizes the advanced automated and semi-automated machineries to
ensure production of high quality products.
Besides that the Subject has branches located in Selangor and Penang.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
07-3547600
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO 6, JALAN FIRMA 1/5, KAWASAN PERINDUSTRIAN TEBRAU,81100,JOHOR
BAHRU,JOHOR.
|
|
Current Address
|
:
|
NO 6, JALAN FIRMA 1/5, KAWASAN PERINDUSTRIAN TEBRAU, 81100 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
On 17th December 2013 we contacted one of the staff from the Accounts
Department. She provided some information.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2008 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
15.09%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
16.03%
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
higher profit could be attributed to the increase in turnover. The
Subject's management had generated acceptable return for its shareholders
using its assets.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
65 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
81 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
53 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The high debtors'
ratio could indicate that the Subject was weak in its credit control.
However, the Subject could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. The Subject had a favourable creditors' ratio where the Subject
could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.05 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.69 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in order
to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject
is able to meet all its short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
17.06 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.27 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the interest.
The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject was lowly geared
thus it had a low financial risk. The Subject was mainly financed by its
shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the Subject being a lowly geared company, will be able
to compete better than those companies which are highly geared in the same
industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher
turnover and profit. The Subject was in good liquidity position with its
total current liabilities well covered by its total current assets. With
its current net assets, the Subject should be able to repay its short term
obligations. With the favourable interest cover, the Subject could be able
to service all the accrued interest without facing any difficulties. The
Subject as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STABLE
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
Major Economic Indicators:
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
28.13
|
28.35
|
28.70
|
29.30
|
29.80
|
|
Gross Domestic Products ( % )
|
<0.5>
|
7.2
|
5.1
|
5.6
|
5.3
|
|
Domestic Demand ( % )
|
2.9
|
6.3
|
8.2
|
9.4
|
5.6
|
|
Private Expenditure ( % )
|
<2.7>
|
8.1
|
8.2
|
8.0
|
7.4
|
|
Consumption ( % )
|
0.7
|
6.7
|
7.1
|
1.0
|
5.7
|
|
Investment ( % )
|
<17.2>
|
17.7
|
12.2
|
11.7
|
13.3
|
|
Public Expenditure ( % )
|
5.2
|
3.8
|
8.4
|
13.3
|
1.2
|
|
Consumption ( % )
|
3.1
|
0.2
|
16.1
|
11.3
|
<1.2>
|
|
Investment ( % )
|
8.0
|
2.8
|
<0.3>
|
15.9
|
4.2
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
89,650
|
118,356
|
116,058
|
106,300
|
110,700
|
|
Government Finance ( MYR Million )
|
<28,450>
|
<40,482>
|
<45,511>
|
<42,297>
|
<39,993>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.5>
|
<4.0>
|
|
Inflation ( % Change in Composite CPI)
|
<5.2>
|
5.1
|
3.1
|
1.6
|
2.5
|
|
Unemployment Rate
|
4.5
|
3.9
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
331
|
329
|
415
|
427
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
2.87
|
2.20
|
3.50
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
11.08
|
15.30
|
14.80
|
14.70
|
-
|
|
Average Base Lending Rate ( % )
|
5.53
|
6.30
|
6.60
|
6.53
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
14.7
|
15.3
|
32.2
|
-
|
|
Foreign Investment ( MYR Million )
|
22,156.8
|
22,517.9
|
23,546.1
|
26,230.4
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,578
|
44,148
|
45,455
|
45,441
|
-
|
|
Registration of New Companies ( % )
|
<0.1>
|
6.2
|
3.0
|
<0.0>
|
-
|
|
Liquidation of Companies ( No. )
|
39,075
|
25,585
|
132,476
|
-
|
-
|
|
Liquidation of Companies ( % )
|
39.6
|
<34.5>
|
417.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
312,581
|
271,414
|
284,598
|
324,761
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
19,345
|
19,738
|
20,121
|
-
|
-
|
|
Business Dissolved ( % )
|
2.4
|
2.0
|
1.9
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
486.3
|
543.6
|
535.1
|
552.2
|
-
|
|
Cellular Phone Subscribers ( Million )
|
30.1
|
32.8
|
35.3
|
38.5
|
-
|
|
Tourist Arrival ( Million Persons )
|
23.6
|
24.6
|
24.7
|
25.0
|
-
|
|
Hotel Occupancy Rate ( % )
|
58.0
|
63.0
|
60.6
|
62.4
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
12.8
|
14.1
|
15.6
|
12.6
|
-
|
|
Bad Cheque Offenders (No.)
|
36,667
|
33,568
|
32,627
|
26,982
|
-
|
|
Individual Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
-
|
|
Individual Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Agriculture
|
0.4
|
2.1
|
5.9
|
0.6
|
2.4
|
|
Palm Oil
|
<1.1>
|
<3.4>
|
10.8
|
<2.8>
|
-
|
|
Rubber
|
<19.8>
|
9.9
|
6.1
|
<0.6>
|
-
|
|
Forestry & Logging
|
<5.9>
|
<3.3>
|
<7.6>
|
<2.2>
|
-
|
|
Fishing
|
5.5
|
5.6
|
2.1
|
<0.7>
|
-
|
|
Other Agriculture
|
9.0
|
7.9
|
7.1
|
6.4
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
413.7
|
508.4
|
634.1
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
1.3
|
2.1
|
3.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<3.8>
|
0.2
|
<5.7>
|
1.5
|
2.7
|
|
Oil & Gas
|
2.1
|
0.5
|
<1.7>
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
44.2
|
49.7
|
46.5
|
-
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
<9.4>
|
11.4
|
4.7
|
4.2
|
4.9
|
|
Exported-oriented Industries
|
<19.0>
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical & Electronics
|
<30.3>
|
28.4
|
<4.9>
|
1.6
|
-
|
|
Rubber Products
|
<10.1>
|
25.3
|
15.4
|
3.6
|
-
|
|
Wood Products
|
<24.1>
|
20.1
|
<4.9>
|
4.6
|
-
|
|
Textiles & Apparel
|
<19.5>
|
<0.4>
|
14.8
|
<7.1>
|
-
|
|
Domestic-oriented Industries
|
<9.8>
|
16.3
|
6.5
|
8.6
|
-
|
|
Food, Beverages & Tobacco
|
0.2
|
3.0
|
4.2
|
-
|
-
|
|
Chemical & Chemical Products
|
<7.7>
|
16.2
|
5.5
|
9.9
|
-
|
|
Plastic Products
|
<9.1>
|
2.4
|
3.8
|
-
|
-
|
|
Iron & Steel
|
<32.7>
|
29.3
|
2.4
|
-
|
-
|
|
Fabricated Metal Products
|
<2.5>
|
14.9
|
25.2
|
-
|
-
|
|
Non-metallic Mineral
|
<15.5>
|
20.2
|
27.1
|
6.6
|
-
|
|
Transport Equipment
|
<13.5>
|
36.5
|
<10.4>
|
13.7
|
-
|
|
Paper & Paper Products
|
<5.0>
|
18.7
|
14.8
|
<7.8>
|
-
|
|
Crude Oil Refineries
|
0.2
|
<11.4>
|
9.3
|
-
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
18.3
|
23.8
|
25.7
|
-
|
-
|
|
|
|
|
|
|
|
|
Construction
|
5.8
|
5.1
|
4.4
|
15.5
|
11.2
|
|
Industry Non-Performing Loans ( MYR Million )
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
9.9
|
10.7
|
10.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
2.6
|
6.5
|
6.4
|
5.5
|
5.6
|
|
Electric, Gas & Water
|
0.4
|
8.5
|
5.6
|
4.8
|
-
|
|
Transport, Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.3
|
-
|
|
Wholesale, Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
6.9
|
-
|
|
Finance, Insurance & Real Estate
|
3.8
|
6.1
|
6.3
|
6.5
|
-
|
|
Government Services
|
2.0
|
6.7
|
7.6
|
5.6
|
-
|
|
Other Services
|
4.4
|
4.2
|
5.4
|
5.7
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
20.2
|
25.7
|
23.4
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY ANALYSIS
|
MSIC CODE
|
|
20222 : Manufacture of printing ink
|
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
|
|
The Manufacturing sector is one of the important sectors to the growth
of the Malaysian economy. According to Ministry of Finance, the
manufacturing sector is expected to grow 4.9% in year 2013. Export
oriented-industries are expected to benefit from the higher growth of
global trade, while domesticoriented industries expand in line with the
better consumer sentiment and business confidence. The resource-based
industries are envisaged to grow steadily attributed to improved demand for
petroleum, chemical, rubber and plastic products. With better job prospects
and higher disposable income, the transportation equipment subsector, in
particular, the passenger car segment is expected to expand.
|
|
|
|
Value-added of the manufacturing sector expanded 5% during the first
half of 2012. Output of the sector rose 5.2% during the first sevenmonths
of 2012 in line with the increase in sales value of manufactured products
by 6.5% to RM363.1 billion. Output from domesticoriented industries
continued to expand 8.6% while export-oriented industries grew 4.1%.
|
|
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6
billion) to record RM52.4 billion as compared to RM48.8 billion reported in
year 2012. Meanwhile, month-on-month basis, the sales value has decreased
by 0.4% (RM0.2 billion) as compared with the preceding month. The sales
value in December 2012 has been revised positive 7.5% year-on-year to
record RM52.6 billion.
|
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of
rubber gloves grew 5.9% on account of the expansion in the global
healthcare industry and wider usage of gloves in other sectors. Similarly,
output of catheters, especially for use in medical appliances, also
registered a strong growth of 12.6%. Nevertheless, production of rubber
tyres and tubes reduced 10.9% in tandem with slowing external demand from
the automotive industry, especially China.
|
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6%
largely supported by higher demand for wooden and cane furniture (33.5%).
The positive performance was attributed to vibrant higher demand from major
export destinations such as China and the United States (US) for
Malaysian-made furniture. Demand from China accelerated further following
the country’s rising income level and the implementation of zero import
duty on Malaysian made-furniture. Malaysia government has growth target of
6.5% for wood based furniture where estimated to reach up to RM53 billion
by year 2020.The government providing pioneer status for tax exemption and
investment tax allowance for this industry as a boost up step towards
produce good quality product and to meet the world demand.
|
|
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic
products (11.8%) and basic chemicals (11.1%). External demand for plastic
packaging materials surged during the early part of the year 2012,
particularly from Japan and Thailand, as manufacturers resumed operations,
which were interrupted by natural calamities and power outages. Chemical
production are expected to show 7.5 % in year 2013 inline with Malaysia as
one of the largest contributor in world Chemicals & Chemical
industries.
|
|
|
|
Tax and non-tax incentives provided by goverment encourage manufacturers
to move up the value chain of manufacturing industry. The new growth
initiatives by goverment in the manufacturing sector such assolar and
medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 1970, the Subject is a Private Limited company, focusing on
manufacturing of printing inks, marketing of graphic art supplies &
accessories. The Subject has been in business for over 4 decades. It has
built up a strong clientele base and good reputation will enable the
Subject to further enhance its business in the near term. The Subject
is expected to enjoy a stable market shares. Having strong support from its
holding company has enabled the Subject to remain competitive despite the
challenging business environment. The Subject has huge capital position.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. The Subject is a
fairly large and rapidly growing company with over 146 staff in its
operations Overall, we regard that the Subject's management capability is
average. This indicates that the Subject has greater potential to improve
its business performance and raising income for the Subject. To improve its
quality products and services, we noted that the Subject has received a
number of certifications & awards. This will improve the customer's
confidence level to the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of
the Subject was at an acceptable range which indicated that the management
was efficient in utilising its funds to generate income. The Subject is in
good liquidity position with its current liabilities well covered by it
current assets. Hence, it has sufficient working capital to meet its short
term financial obligations. Being a lowly geared company, the Subject is
exposed to low financial risk as it is mainly dependent on its internal
funds to finance its business needs. Given a positive net worth standing at
MYR 32,788,530, the Subject should be able to maintain its business in the
near terms.
Without a strong assets backing, the Subject may face difficulties in
getting loans for its future expansion and continued growth. The Subject's
supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources.
The Subject's payment habit is average. With its adequate working capital,
the Subject should be able to pay its short term debts.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
SIEGWERK
MALAYSIA SDN. BHD.
|
|
Financial Year End
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
2008-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
107,152,007
|
93,980,697
|
73,654,953
|
62,025,131
|
58,394,268
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
107,152,007
|
93,980,697
|
73,654,953
|
62,025,131
|
58,394,268
|
|
Costs of Goods Sold
|
<70,475,555>
|
<64,452,428>
|
<49,142,337>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
36,676,452
|
29,528,269
|
24,512,616
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
4,947,577
|
2,776,055
|
7,981,049
|
289,325
|
<3,758,423>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
4,947,577
|
2,776,055
|
7,981,049
|
289,325
|
<3,758,423>
|
|
Taxation
|
<177>
|
<375>
|
0
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
4,947,400
|
2,775,680
|
7,981,049
|
289,325
|
<3,758,423>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
<84,297,909>
|
<87,073,589>
|
<95,054,638>
|
<95,343,963>
|
<91,585,540>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
<84,297,909>
|
<87,073,589>
|
<95,054,638>
|
<95,343,963>
|
<91,585,540>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<79,350,509>
|
<84,297,909>
|
<87,073,589>
|
<95,054,638>
|
<95,343,963>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<79,350,509>
|
<84,297,909>
|
<87,073,589>
|
<95,054,638>
|
<95,343,963>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Bank overdraft
|
156,237
|
118,036
|
101,203
|
57,050
|
184,243
|
|
Bankers' acceptance
|
151,217
|
207,353
|
189,460
|
-
|
-
|
|
Others
|
639
|
44,555
|
528,139
|
125,803
|
2,108,857
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
308,093
|
369,944
|
818,802
|
182,853
|
2,293,100
|
BALANCE SHEET
|
SIEGWERK
MALAYSIA SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
12,068,522
|
12,102,128
|
12,263,341
|
10,989,141
|
12,083,165
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
12,068,522
|
12,102,128
|
12,263,341
|
10,989,141
|
12,083,165
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
19,114,616
|
13,764,975
|
18,135,445
|
13,782,822
|
12,535,293
|
|
Trade debtors
|
23,811,330
|
17,935,762
|
14,808,029
|
14,157,688
|
25,728,454
|
|
Other debtors, deposits & prepayments
|
590,698
|
1,085,697
|
4,626,146
|
2,994,881
|
1,368,320
|
|
Amount due from holding company
|
21,070
|
-
|
-
|
-
|
106,529
|
|
Amount due from subsidiary companies
|
808,493
|
1,830,325
|
-
|
-
|
2,496,795
|
|
Cash & bank balances
|
6,509,427
|
5,908,720
|
3,054,329
|
4,066,126
|
1,886,652
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
50,855,634
|
40,525,479
|
40,623,949
|
35,001,517
|
44,122,043
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
62,924,156
|
52,627,607
|
52,887,290
|
45,990,658
|
56,205,208
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
10,166,634
|
7,535,003
|
11,046,874
|
9,211,835
|
9,194,118
|
|
Other creditors & accruals
|
8,960,830
|
8,317,966
|
9,935,235
|
12,808,707
|
4,078,700
|
|
Bank overdraft
|
5,539,926
|
1,309,719
|
3,312,035
|
3,729
|
4,174,287
|
|
Bill & acceptances payable
|
3,360,000
|
3,921,000
|
3,527,696
|
5,193,032
|
4,874,000
|
|
Amounts owing to holding company
|
1,752,030
|
3,540,877
|
-
|
-
|
48,400
|
|
Amounts owing to subsidiary companies
|
356,206
|
161,912
|
-
|
-
|
15,529,371
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
30,135,626
|
24,786,477
|
27,821,840
|
27,217,303
|
37,898,876
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
20,720,008
|
15,739,002
|
12,802,109
|
7,784,214
|
6,223,167
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
32,788,530
|
27,841,130
|
25,065,450
|
18,773,355
|
18,306,332
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
29,282,900
|
29,282,900
|
29,282,900
|
4,282,900
|
4,282,900
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
29,282,900
|
29,282,900
|
29,282,900
|
4,282,900
|
4,282,900
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
62,333,139
|
62,333,139
|
62,333,139
|
62,333,139
|
62,333,139
|
|
Capital reserve
|
20,523,000
|
20,523,000
|
20,523,000
|
20,523,000
|
20,523,000
|
|
Retained profit/(loss) carried forward
|
<79,350,509>
|
<84,297,909>
|
<87,073,589>
|
<95,054,638>
|
<95,343,963>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
3,505,630
|
<1,441,770>
|
<4,217,450>
|
<12,198,499>
|
<12,487,824>
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
32,788,530
|
27,841,130
|
25,065,450
|
<7,915,599>
|
<8,204,924>
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Others
|
-
|
-
|
-
|
26,688,954
|
26,511,256
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
-
|
-
|
26,688,954
|
26,511,256
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
32,788,530
|
27,841,130
|
25,065,450
|
18,773,355
|
18,306,332
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
FINANCIAL RATIO
|
SIEGWERK
MALAYSIA SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
6,509,427
|
5,908,720
|
3,054,329
|
4,066,126
|
1,886,652
|
|
Net Liquid Funds
|
<2,390,499>
|
678,001
|
<3,785,402>
|
<1,130,635>
|
<7,161,635>
|
|
Net Liquid Assets
|
1,605,392
|
1,974,027
|
<5,333,336>
|
<5,998,608>
|
<6,312,126>
|
|
Net Current Assets/(Liabilities)
|
20,720,008
|
15,739,002
|
12,802,109
|
7,784,214
|
6,223,167
|
|
Net Tangible Assets
|
32,788,530
|
27,841,130
|
25,065,450
|
18,773,355
|
18,306,332
|
|
Net Monetary Assets
|
1,605,392
|
1,974,027
|
<5,333,336>
|
<32,687,562>
|
<32,823,382>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
8,899,926
|
5,230,719
|
6,839,731
|
5,196,761
|
9,048,287
|
|
Total Liabilities
|
30,135,626
|
24,786,477
|
27,821,840
|
53,906,257
|
64,410,132
|
|
Total Assets
|
62,924,156
|
52,627,607
|
52,887,290
|
45,990,658
|
56,205,208
|
|
Net Assets
|
32,788,530
|
27,841,130
|
25,065,450
|
18,773,355
|
18,306,332
|
|
Net Assets Backing
|
32,788,530
|
27,841,130
|
25,065,450
|
<7,915,599>
|
<8,204,924>
|
|
Shareholders' Funds
|
32,788,530
|
27,841,130
|
25,065,450
|
<7,915,599>
|
<8,204,924>
|
|
Total Share Capital
|
29,282,900
|
29,282,900
|
29,282,900
|
4,282,900
|
4,282,900
|
|
Total Reserves
|
3,505,630
|
<1,441,770>
|
<4,217,450>
|
<12,198,499>
|
<12,487,824>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.22
|
0.24
|
0.11
|
0.15
|
0.05
|
|
Liquid Ratio
|
1.05
|
1.08
|
0.81
|
0.78
|
0.83
|
|
Current Ratio
|
1.69
|
1.63
|
1.46
|
1.29
|
1.16
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
65
|
53
|
90
|
81
|
78
|
|
Debtors Ratio
|
81
|
70
|
73
|
83
|
161
|
|
Creditors Ratio
|
53
|
43
|
82
|
54
|
57
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.27
|
0.19
|
0.27
|
<0.66>
|
<1.10>
|
|
Liabilities Ratio
|
0.92
|
0.89
|
1.11
|
<6.81>
|
<7.85>
|
|
Times Interest Earned Ratio
|
17.06
|
8.50
|
10.75
|
2.58
|
<0.64>
|
|
Assets Backing Ratio
|
1.12
|
0.95
|
0.86
|
4.38
|
4.27
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
4.62
|
2.95
|
10.84
|
0.47
|
<6.44>
|
|
Net Profit Margin
|
4.62
|
2.95
|
10.84
|
0.47
|
<6.44>
|
|
Return On Net Assets
|
16.03
|
11.30
|
35.11
|
2.52
|
<8.00>
|
|
Return On Capital Employed
|
13.71
|
10.79
|
31.01
|
2.51
|
<6.52>
|
|
Return On Shareholders' Funds/Equity
|
15.09
|
9.97
|
31.84
|
<3.66>
|
45.81
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
0
|
|